Signet Acquires Jewelry Rental Service Rocksbox
Signet Jewelers Limited, the world's largest retailer of diamond jewelry, announced it has acquired Rocksbox, an innovative jewelry rental subscription platform, reports Marketwatch. Signet has long billed itself as the place for men to buy engagement rings or other romantic gifts. Now, it wants to target another customer: women who purchase jewelry for themselves. Rocksbox gives the traditional brick-and-mortar jeweler a significant foothold in a growing online service that speaks to next-generation jewelry customers. According to a company press release, the acquisition is driven by Signet's "Inspiring Brilliance" strategy and is intended to accelerate growth in its services category.
Total Retail's Take: Signet is joining the growing cohort of traditional retailers wading into rental and subscription services. Rocksbox further strengthens Signet's industry-leading portfolio of banners, which include Kay, Zales, Jared, Peoples, jamesallen.com, H. Samuel, Ernest Jones, and Piercing Pagoda. It provides an additional point of entry for self-purchasing women customers, a segment where the jeweler is currently underdeveloped, and is expected to help Signet continue extending its market share.
Signet's customers skew older and male. Rocksbox's customers tend to be younger, professional women who rent jewelry for themselves, much as they would a dress or handbag. With a jewelry rental subscription service, Signet will tap into a highly engaged customer base, generate a new revenue stream, and bring yet another capability into its connected commerce strategy.
"Rocksbox has revolutionized the jewelry rental subscription marketplace by delivering personalized, online and data-driven customer experiences for jewelry lovers who prioritize fashion, online convenience and sustainability," said Signet CEO Virginia C. Drosos. "We look forward to bringing Rocksbox's outstanding services to more customers, and to introducing those new customers to the balance of Signet's banners."
Kristina Stidham is the digital content director at Women in Retail Leadership Circle and sister brand Total Retail. She is passionate about digital media and handles video, podcast and virtual event production for both brands. You can often find her at WIRLC, TR, or industry events with her camera and podcasting equipment recording interviews with retailers.
Kristina holds a B.A. in Media Studies and Production from the Temple University Klein College of Media and Communication in Philadelphia. Go Owls! When she's not in the office, she loves to go on long walks, sing around the house, hangout with her two pet guinea pigs, and travel to new places.